BUYERS

Buying a home should be a pleasant experience. My goal is to provide you with the kind of service that will make you want to refer me to all your friends and family.

Services You Will Receive

Deciding whom too represent you is the most important decision you will make in the home buying process, next to actually choosing a home. I will assit you in the following areas that are critical to achieving a satisfting and happy real estate experience. 

1) I will act as your trusted advisor and represent you, not the seller, in the process of acquiring what may be your biggest asset.

2) I will provide counsel from start to finish regarding all matters concerning your purchase. such as:

  • Where is the best location to buy?
  • What taxes are payable if any?
  • Guidance regarding competent conveyance lawyers, mortgage brokers and qualified property inspectors.
  • Discussion of finance  options.

3) I will keep your bargaining position confidential.

4) I will make you aware of current issues that could affect land value.

5) I  will negotiate the best price and terms for you that meet your needs and budget.

6) I will keep you abreast on the most up-to-date listings in your price range and provide you with the most recent "solds" in your chosen area(s).

7) I will preview homes for you.

8) I will prepare a reasonable and binding offer.

9) I will put you at ease and answer all of your questions in an open, honest and frank manner.

10) I will oversee the complete closing process.

11) I will be available long after the sale has completed.

12) I will find you a wonderful home!!!

I make it my business to know the housing market. I'll help you find your "perfect" home and will stand by you every step of the way - THAT'S A PROMISE!

 

Buying & Selling

Canadian Property

Non-Residents Buying Canadian Real Estate

There are no restrictions for non-residents purchasing real estate in Canada, though they may become subject to Canadian income tax laws, and will certainly encounter the following taxes on their transactions:

Property Transfer Tax (British Columbia) – The tax rate is one per cent on the first $200,000 of the property's fair market value and two per cent on the remaining fair market value. For more information, visit the Government of British Columbia’s Property Taxation Branch’s website.

Goods and Services Tax (Canada) – The five per cent GST applies to the purchase price of newly constructed and substantially renovated homes.

Property Tax (municipal) – If the seller has already paid the full year’s property taxes to the municipality, the buyer will have to reimburse them for the remainder of the year’s taxes.

 

Residence Status and Income Tax

If non-residents stay in Canada for more than 182 consecutive days, they may be considered Canadian residents for Canadian income tax purposes.

Non-residents of Canada pay tax on income received from sources in Canada. The type of tax paid, and the requirement to file income tax returns, depends on the type of income received.

Canada has tax treaties with many countries, including the United States. A tax treaty is designed to avoid double taxation for people who would otherwise pay tax on the same income in two countries.

Links:

Non-Residents, Canada Revenue Agency

Tax Treaties, Canada Revenue Agency

Cross Border Tax Issues: The Canadian Perspective, Reinhold G. Krahn. Vancouver: Lawson Lundell, December 2000

 

Non-Resident Sales

When selling or disposing of Canadian real estate, non-residents must notify the Canadian government within ten days of the completion of the transaction to obtain a certificate of compliance. A certificate of compliance will only be issued if the CRA has received either a prepayment on account of the taxes owing or appropriate security for the prepayment.

On January 1, 2004, the CRA will start charging a financial penalty to non-resident owners of taxable property in Canada who sell that property and do not, within ten days, provide notice of the sale to the CRA.

In other words, CRA is tightening its tax reporting condition for non-residents who own Canadian property and will charge them the greater of either $100 or $25 times the number of days beyond the ten that pass before the sales notice is filed with CRA. For example, if a non-resident sells taxable Canadian property and does not notify CRA until 21 days after the ten-day grace period, that individual will be charged a $525 penalty ($25 x 21 days).

There are exceptions to this new policy, though an accountant or lawyer is best suited to interpret their applicability in a given situation. An individual can also apply to waive or cancel the penalty through a government “fairness committee.”

Links:

Procedures Concerning the Disposition of Taxable Canadian Property by Non-Residents of Canada, Canada Revenue Agency

“Tax Obligations Imposed on Non-Resident Vendors Disposing of Real Property in Canada.” Real Estate Update, Lawson Lundell, Fall 2001

From the British Columbia Real Estate Association – December 18, 2003 (updated August 4, 2006)

 

Call me today to begin your search.  604.892.4428

          Tollfree  1.800.617.5511

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Professionals To Call

I don't recommend "just anybody" to get the job done. After all, you are relying on the professional expertise of these individuals to help you along the way to a smooth transaction.

  • Loan Officers
  • Mortgage Brokers
  • Conveyance Lawyers

{Click here for a list of professionals to call.}


What is Mortgage Loan Insurance?

When you need a mortgage loan that is more than 80% of the purchase price of your home, you must buy mortgage loan insurance. It protects the lender and the Canadian federally regulated lending institutions require it. CMHC stands for Canadian Mortgage & Housing Corporation. {Click here to to open a PDF with full details of CMHC Mortgage Loan Insurance.}

 

Mortgage Calculator

Click here for a MORTGAGE CALCULATOR.

 

Property Acquisition Process

Barbara Gloor Property Acquisition Flow Chart
Click to view full sized PDF

 

Buyers Checklist

There are many things to consider when buying a house. This helpful checklist will make sure you don't forget anything. {Click to open a printable pdf}